Uber Technologies Inc boss Travis Kalanick, has resigned as Chief Executive on Tuesday after months of pressure from shareholders and investors – after a string of setbacks.
The resignation of Kalanick, a co-founder of one of the most influential technology companies of its generation, comes after a review of practices at the firm and scandals including complaints of sexual harassment.
Uber’s board said in a statement:
“Travis has always put Uber first. This is a bold decision and a sign of his devotion and love for Uber.
“By stepping away, he’s taking the time to heal from his personal tragedy while giving the company room to fully embrace this new chapter in Uber’s history. We look forward to continuing to serve with him on the board.”
The New York Times said that five major Uber investors demanded Mr Kalanick’s immediate resignation as chief executive.
Accepting the request to step down, Mr Kalanick reportedly said:
“I love Uber more than anything in the world and at this difficult moment in my personal life I have accepted the investors request to step aside so that Uber can go back to building rather than be distracted with another fight.”
Kalanick’s departure caps a tumultuous period for the world’s largest ride-services company that has revolutionized the taxi industry and challenged transportation regulations worldwide.
The 40-year-old’s pugnacious style largely defined Uber’s approach and helped it become a transportation colossus valued at $68 billion, the largest private firm backed by venture capitalists in the world.
However, he has been faced with increased scrutiny for a culture of sexism and rule-breaking at the company he helped start in 2009.